Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that its wholly owned subsidiary, Accredited Surety & Casualty Company, Inc has closed its largest ever program underwriting partnership with Atlas General Services Insurance LLC.
Accredited, which is a Florida-based insurance company licensed to write admitted business in all 50 U.S states, began underwriting on behalf of Atlas, a U.S program management administrator, from 1 July 2018.
Atlas is headquartered in California and primarily operates as a workers’ compensation administrator, although it has also evolved to provide coverage for a number of different classes, including construction, habitational risks, hotels, and office/retail.
The new partnership will initially be focused on workers’ compensation and is estimated to worth approximately $30 million in annual GWP, although Atlas and R&Q expect this figure to grow significantly over the next two to three years.
This announcement also marks the third new program underwriting partnership that Accredited has entered into in 2018, having teamed up with both cargo insurance MGA American Team Managers (ATM) and Florida-based Renaissance Managing General Agency in April.
The parties added that Atlas works closely with a panel of highly rated reinsurance companies and that Accredited will provide coverage supported by 100 percent quota share reinsurance.
Todd Campbell, Chief Executive Officer (CEO) of Accredited, commented: “We are delighted to be working with Atlas, a ‘best-in-class’ MGA that is one of the nation’s leading providers of workers’ compensation products.
“Accredited closed five new program underwriting partnerships in 2017 and Atlas is our third new one for 2018. With a strong pipeline of new partnerships, Accredited is excited to be delivering on our mission to be the program underwriter of choice for US MGAs and their capital partners”.
Ken Randall, CEO of R&Q, also stated: “This partnership with Atlas is based on R&Q and Accredited’s more than 30 years’ experience of insurance management in different risk classes and Accredited’s fully admitted status in all fifty states.
“We look forward to working with Atlas and will be making further announcements regarding additional partnerships in the second half of 2018”.
